{"id":243282,"date":"2024-02-08T00:23:22","date_gmt":"2024-02-07T18:53:22","guid":{"rendered":"https:\/\/dripp.zone\/news\/can-etf-doubts-stop-coinbase-coin-stock-from-hitting-new-ath-crypto-news\/"},"modified":"2024-02-08T00:23:25","modified_gmt":"2024-02-07T18:53:25","slug":"can-etf-doubts-stop-coinbase-coin-stock-from-hitting-new-ath-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/can-etf-doubts-stop-coinbase-coin-stock-from-hitting-new-ath-crypto-news\/","title":{"rendered":"Can ETF Doubts Stop Coinbase (COIN) Stock From Hitting New ATH? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><span style=\"font-weight: 400;\">So far the year 2024 is not in favor of Coinbase\u2019s shareholders as the asset continues to deepen its current correction trend. From the last peak of $187, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/coinbase-officially-pulls-support-for-bitcoin-sv-bsv\/\">Coinbase<\/a> (COIN) Stock has fallen 37.36% to $117 within the last 30 days of trading. Besides the general market sentiment, it seems the newly launched Bitcoin ETFs have accelerated the selling pressure in COIN.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Will the increasing adoption of Bitcoin ETF prolong this correction or embrace a higher rally?<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.80 --><\/p>\n<h2><b>Impact of Bitcoin ETF Launch on Coinbase\u00a0<\/b><\/h2>\n<figure style=\"width: 1946px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/s3.tradingview.com\/snapshots\/u\/uxOezO8e.png\" alt=\"Coinbase (COIN) Stock\" width=\"1946\" height=\"937\"\/><\/noscript><figcaption class=\"wp-caption-text\">Coinbase (COIN) Stock| Tradingview<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">On January 11th, the cryptocurrency celebrated the launch of the 11-Bitcoin ETF after a decade-long wait. Despite the initial enthusiasm surrounding this launch, it didn\u2019t catalyze a new recovery phase for the underlying asset, Bitcoin. Instead, this event may have hurt the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/crypto-stocks\/coin\/\">Coinbase stock price<\/a>, which witnessed a 6.75% decline on the same day.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since then the COIN stock price has seen an accelerated correction as potential investors must have shifted to ETF products rather than direct exposure to BTC through exchange due to higher fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A recent insight from the analytics firm Santiment underscores a similar trend, as noted in a recent post on [X platform], indicating that Bitcoin\u2019s wallets holding more than zero coins continue to decrease nearly four weeks following the SEC\u2019s approval of 11 Spot ETFs. This trend can be linked to widespread fear, uncertainty, and doubt among investors, alongside a diminishing interest in owning Bitcoin directly, as other investment options become more appealing.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc9 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>&#8216;s wallets (with greater than 0 coins) are still declining as <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#crypto<\/a> nears 4 weeks since the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&#038;ref_src=twsrc%5Etfw\">#SEC<\/a>&#8216;s 11 Spot <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/ETF?src=hash&#038;ref_src=twsrc%5Etfw\">#ETF<\/a> approvals. This can be attributed to crowd <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/FUD?src=hash&#038;ref_src=twsrc%5Etfw\">#FUD<\/a>, and less interest in direct <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> ownership due to other investment alternatives. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/tjnjELxGw1\">https:\/\/t.co\/tjnjELxGw1<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/xRymU7C0ro\">pic.twitter.com\/xRymU7C0ro<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1755022936996741374?ref_src=twsrc%5Etfw\">February 7, 2024<\/a><\/p>\n<\/blockquote>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.80 --><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, the average daily spot trading volume on Coinbase has declined to $1.9 billion from $2.5 billion in the 30 days before the introduction of the ETF, as reported by Mizuho analyst Dan Dolev.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This must have a significant effect on the revenue stream that Coinbase uses to gather from Bitcoin transactions.<\/span><\/p>\n<h2><b>Will Coinbase (COIN) Stock Continue to Fall?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While the introduction of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/grayscales-bitcoin-holdings-reportedly-dwindle-as-etf-peers-rally-in-acquisition\/\">Bitcoin ETFs<\/a> could significantly influence Coinbase\u2019s revenue, the exchange could stem from the fees it accrues through providing Bitcoin custody services for ETF providers.\u00a0<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.80 --><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, it\u2019s premature to determine whether Bitcoin ETFs will lead to a substantial correction in Coinbase\u2019s stock price (COIN). From a technical perspective, COIN\u2019s price is maintaining its ground above the critical support level of $115 and the 50% Fibonacci retracement level.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This type of pullback is often viewed as a healthy correction, allowing an asset to rejuvenate its previously waning bullish momentum. If COIN\u2019s stock forms a bullish reversal pattern at this support level, it could signal an opportunity for buyers to drive the price upwards towards the prospective target of $137.5, with the next aim at $161.<\/span><\/p>\n<h3>Related Articles:<\/h3>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.80 --><\/p>\n<div class=\"m-on mobiless\">\n<div id=\"social-section-new\">\n<p>\u2713 Share:<\/p>\n<p>                                  <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new wp_new\" href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/coingape.com\/markets\/can-etf-doubts-stop-coinbase-coin-stock-from-hitting-ath\/\" style=\"display: block\">  <i class=\"fa fa-whatsapp\"\/><\/a><\/p>\n<div>\n                                <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new tw_new_logo\" href=\"https:\/\/twitter.com\/intent\/tweet?text=https:\/\/coingape.com\/markets\/can-etf-doubts-stop-coinbase-coin-stock-from-hitting-ath\/\"><br \/>\n  <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\" class=\"mb-1\" alt=\"coingape\" width=\"30\" height=\"30\"\/><br \/>\n<\/a>\n                                <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>          <!-- \n\n<div class=\"m-on pl-2 pr-2\">\n            \n\n<div class=\"row\">\n            \n\n<div class=\"col-6 pr-2\">\n         \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-7-crypto-marketing-firms-of-the-year\/?utm_source=abovesidebartabnews&utm_medium=organicarticle\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/15175104\/top_crypto_marketing_agencies.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top Crypto Marketing Firms \/ Agencies 2023; Here\u2019s Best Picks [Updated]\n <\/div>\n\n\n            <\/a>\n          \n            <\/div>\n\n\n            <\/div>\n\n\n                  \n\n<div class=\"col-6 pl-2\">\n                 \n\n<div class=\"Borderboxies_2 mb-3  fullmobx\">\n             \n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/top-10-web-3-games-to-explore-in-2023-here-list\/?utm_source=priceanalysisbar&utm_medium=organicarticle\">\n            \n\n<div class=\"SponserdyWebimg_2\"><img loading=\"lazy\" width=\"834\" height=\"833\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2022\/12\/23134356\/jpg_20221223_134223_0000.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" decoding=\"async\" ><\/div>\n\n\n                \n\n<div class=\"Sponserdtent_2 mt-2\">Top 10 Web3 Games To Explore In 2023; Here List\n <\/div>\n\n\n            <\/a>\n          \n            <\/div>\n\n\n            <\/div>\n\n\n                <\/div>\n\n\n        <\/div>\n\n                    --><\/p>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA179107\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD179107\">\n<p>  The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p><!-- \n\n<div class=\"container p-1 mb-3  mt-4 \">\n    \n    \n     \n\n<div class=\"Maintitle clgrn border-0\">\n               <span>Crypto Stories<\/span>\n                    \n                    \n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/\" class=\"viewAll p-0\">View all<\/a>\n                <\/div>\n\n\n     \n\n<div class=\"row mobileXS \">\n                     \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/nft-drop-101-your-complete-guide-to-participation\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-GettyImages-1367699775-53776eb586334d4098127fdc1550988f.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"GettyImages-1367699775-53776eb586334d4098127fdc1550988f\" decoding=\"async\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-GettyImages-1367699775-53776eb586334d4098127fdc1550988f.jpg 640w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-GettyImages-1367699775-53776eb586334d4098127fdc1550988f-225x300.jpg 225w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-GettyImages-1367699775-53776eb586334d4098127fdc1550988f-150x200.jpg 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/div>\n\n\n                \n\n<div class=\"Educontent\">NFT Drop 101: Your Complete Guide to Participation <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n              \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/10x-potential-top-cryptos-under-1-for-2024\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-IMAGE-2024-01-03-15_05_45.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"IMAGE 2024-01-03 15_05_45\" decoding=\"async\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-IMAGE-2024-01-03-15_05_45.jpg 640w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-IMAGE-2024-01-03-15_05_45-225x300.jpg 225w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-IMAGE-2024-01-03-15_05_45-150x200.jpg 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/div>\n\n\n                \n\n<div class=\"Educontent\">10x Potential: Top Cryptos Under $1 for 2024! <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n              \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/7-altcoins-you-can-buy-under-0-10-in-2024\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" height=\"853\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-Screenshot_89.png\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Altcoins\" decoding=\"async\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-Screenshot_89.png 640w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-Screenshot_89-225x300.png 225w, https:\/\/coingape.com\/wp-content\/uploads\/2024\/02\/cropped-Screenshot_89-150x200.png 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/div>\n\n\n                \n\n<div class=\"Educontent\">7 Altcoins You Can Buy Under $0.10 In 2024 <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n     \n                              \n          <\/div>\n\n\n    \n          \n \n    \n            \n    <\/div>\n\n        --><\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>So far the year 2024 is not in favor of Coinbase\u2019s shareholders as the asset continues to deepen its current correction trend. From the last peak of $187, the Coinbase (COIN) Stock has fallen 37.36% to $117 within the last 30 days of trading. Besides the general market sentiment, it seems the newly launched Bitcoin [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":243283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-243282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/243282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=243282"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/243282\/revisions"}],"predecessor-version":[{"id":243284,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/243282\/revisions\/243284"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/243283"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=243282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=243282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=243282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}